Carlisle Group Q3 Profit Increases

(RTTNews) - Arizona-based industrial company Carlisle Companies Incorporated (CSL), Thursday reported an improved net income in the third quarter due to increased sales of construction materials. Carlisle group posted a net income of $142.10 million or $2.67 earnings per share, up from $102.30 million or $1.87 earnings per share in the same quarter last year. Excluding special items, the income was $2.99 per share, up from $2.35 year-over-year. On average, eight analysts polled by Thomson Reuters forecast the earnings to be $2.75 for this quarter. The revenue for the quarter was 24.5% higher at $1.31 billion, from $1.05 billion last year. The chief driving force in the boost was a 29.4% increase in the Carlisle Construction Materials (CCM) segment which earned $1.06 billion in the quarter due to higher roofing demands, favorable price, and the acquisition of Henry Company. Analysts' outlook for revenue was $1.27 billion. Chris Koch, Chairman, President, and CEO of the company, said, "As we exited the third quarter, the impact of the COVID-19 pandemic appears to be past its summer and early autumn peak. This trend, combined with improvements in our supply chain and positive movement towards a resumption of passenger air travel approaching pre-pandemic levels, is driving increased optimism about our ability to deliver continued strong results. We have also seen strong demand in our Building Products markets."